The high-speed rail link will display national ambition and help to rebalance
the economy

George Osborne’s robust defence at the weekend of the High Speed 2 rail project was a timely intervention, following a summer of criticism and negativity that appeared to put the scheme’s future in doubt. Even though the planned link from London to Birmingham, Leeds and Manchester is supported by all three major parties, there have been signs of cold feet as cost projections have soared and the likely benefits have come under scrutiny.

Recently, Mr Osborne’s predecessor, Alistair Darling, withdrew his support for a venture that he was instrumental in starting, calling it a potential “nightmare”. The Institute of Directors branded it a “grand folly”, and economists have questioned whether the estimated £50 billion cost is either worth it or even feasible. One estimate pushed the projected total above £80 billion. Add in the continued opposition of people living along the route – many of them Conservative voters – and it takes a brave politician to stick to his guns. Surely all these sages cannot be wrong?

Well, yes they can be – provided this Government and its successors are as good as their word and do not let the costs spiral out of control. True, the history of major infrastructure projects is not auspicious; and it is probably not sensible to cite the Olympics as a scheme that came in under budget, since it started off at £3 billion and ended up at £10 billion. The HS2 construction budget has been set at £42 billion, which is already higher than first suggested, but allows for a considerable contingency.

The case most often made out for HS2 is that it will reduce journey times and expand passenger capacity at a time when more people are using the railways than at any time since the 1920s. But Mr Osborne made his pitch on wider grounds – that such a project will help rebalance an economy that has become unhealthily lopsided.

“High Speed 2 is about changing the economic geography of this country, making sure the North and the Midlands benefit from the recovery as well,” he said. It is no coincidence that Mr Osborne sits for a Northern constituency, and therefore sees the project’s potential for the regions. Moreover, this will be the first major, long–distance railway line to be built in the UK since 1899; and even under the current timetable, it will be 14 years before passengers travel on the new trains. Of course, improvements are needed to other transport connections, and we should do those, too. But if we are to retain even a smidgen of national ambition, let’s get on with HS2.